Mortgage Rates Edge Higher Across Country

Mortgage rates around the country edged up this week but rates for 30-year and 15-year mortgages are still more than a full percentage point lower than they were a year ago. The average interest rate on 30-year fixed-rate mortgages rose to 7.01%, up from 6.91% last week, according to a nationwide survey released by Freddie Mac, the mortgage company. A year ago, 30-year mortgages averaged 8.2% and were rising. Rates hit a five-year high of 8.64% in mid-May of last year. Fifteen-year mortgages, a popular option for refinancing, ticked up to 6.54% last week, up from 6.46% the previous week. A year ago, 15-year mortgages averaged 7.83%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.23%, compared with 6.19% the week before. Last year, one-year ARMs averaged 6.79%.